Offshore savings accounts can be appealing for both UK-based investors and British people living and working abroad. To choose the right account for you it’s important to compare offshore savings accounts thoroughly. Here are a few things you need to consider:
· The minimum deposit is generally at least £5,000, which is higher than standard savings accounts. This is only natural, since banks take more risks when maintaining such accounts. Be wary of any offers that come with a low deposit – something is not right.
· Good offshore savings accounts support multiple currencies, almost always including, besides the Pound Sterling, the Dollar and the Euro. Other currencies are sometimes available also, like the Swiss franc. Some investors try to use the fluctuations in the values of the currencies to make some extra profits. You may want to do the same.
· Unlimited access to your account is a must-have feature. This is especially useful for British people working abroad and who travel through time zones. When you compare offshore savings accounts avoid those that restrict your access to your money.
· The interest rates offered by offshore savings accounts are no longer much higher than those of onshore equivalents. Offshore accounts still have an advantage over onshore equivalents – tax benefits.
· With offshore savings accounts interest is paid gross, without any income tax being subtracted. The interest will have to be declared in the UK as income, but the deferral will normally bring you significant profits. You will earn interest on the gross.
Offshore savings accounts are not fully covered – sometimes not at all – by UK financial institutions, meaning that if the bank collapses, you are likely going to lose at least some part of your investment.
It’s crucial to compare offshore savings accounts to determine the safest option for you. Ask our experts at Compare The Financial Markets to find the best rates.
Compare the Best Offshore Savings Accounts.
As in all things, when comparing offshore savings accounts, advice should be sought from experts.
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